A moneylender must be authorised by the Financial Conduct Authority (FCA) to lend money legally. Moneylenders who aren’t authorised by the FCA are breaking the law. They are known as loan sharks. Loan sharks tend to work from home, charge very high rates of interest, and do not give paperwork to confirm payments or arrangements.  

If a tenant is ever threatened by someone who lends them money, they should contact the police on 999. To report a loan shark, the tenant can contact the   Illegal Money Lending Team  

More information on Loan sharks can be found on the Citizen Advice website.